CityBlock Secures financing for student housing refurbishment project
Student accommodation provider CityBlock Group has secured £8.2m in new funding from NatWest to support a major refurbishment project.The Lancaster-based company provides high quality, secure student accommodation facilities in Lancaster and Leicester. The facilities are used by students from more than 40 countries.
CityBlock, in partnership with a client of Cluttons Capital Partners, is undertaking a major refurbishment of Berkshire House in Reading which will create 134 student beds all available for direct let. The new funding facilities from NatWest will be used to support the project.CityBlock has been a NatWest customer since 2013.
Trevor Bargh, managing sirector of CityBlock, said: “The project in Reading is an exciting development that will give students a fantastic living and learning environment. What is needed in terms of accommodation is always changing so having a bank like NatWest that understands our business and how we need to grow makes a huge difference. We have always been impressed with the NatWest team’s responsiveness and commitment to supporting our business.”Ross Owen from Cluttons added: ‘’Reading is a top flight university and has seen substantial growth in full time post graduate students in recent years. This scheme is well positioned to deliver high quality accommodation to meet this growth in demand.” Andrew Dignum, Relationship Director at NatWest Real Estate Finance in Manchester, supported the deal.